Globe and Mail - Thursday's Insider Report: One must subscribe to the G&M to get this. Thursday’s Insider Report: Director invests almost $450,000 in this skyrocketing stock
Pipestone Energy Corp. (PIPE-T -0.56% decrease)
On June 7, director Garth Braun purchased 253,300 shares at a cost per share of $1.77 for an account in which he has control or direction over (G.K. Braun Limited), increasing this particular account’s holdings to 458,300 shares. The cost of this investment exceeded $448,000.
Year-to-date, the share price of this small-cap stock has more than doubled in value, rising approximately 163 per cent.
According to Refinitiv, the stock is covered by five analysts with an average target price of $2.60, implying a potential return of 48 per cent.
As many have pointed out, a $450K investment by an insider is a
significant vote of confidence in the future prospects for PIPE.